USD 174.24 Billion
Hydrogen Market Size, Share, Growth Analysis, By Sector (Generation, Storage), By Application (Energy, Mobility), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG10A2019 |
Region:
Global |
Published Date: August, 2024
Pages:
157
|Tables:
65
|Figures:
75
Hydrogen Market Insights
Hydrogen Market size was valued at USD 225.15 Billion in 2022 and is poised to grow from USD 242.71 Billion in 2023 to USD 442.63 Billion by 2031, at a CAGR of 7.8% over the forecast period (2024–2031).
The hydrogen market is witnessing considerable growth owing to climate policies and regulations and technological improvements, mainly in the production of hydrogen. Governments of several nations are making efforts to lower the release of greenhouse gases and fight climate change. Several incentives and regulations like emission reduction targets, carbon pricing, and more can help boost the adoption of hydrogen as the cleanest source of energy. Moreover, there are several innovations seen in hydrogen production like fuel cell technologies and storage that can lower costs and enhance efficiency. These factors are impressively propelling the growth of the hydrogen market. Nevertheless, the market is restrained by high costs of production. The production of green hydrogen due to the growing trend of sustainability, could be costly because of the rising demand for improved technologies and significantly priced renewable energy. Yet, growing investments in green hydrogen might result in notable growth of the market with reducing costs and advances in technologies.
Market Snapshot - 2024–2031
Global Market Size
Largest Segment
Ammonia
Fastest Growth
Ammonia
Growth Rate
5.6% CAGR
Global Hydrogen Market ($ Bn)
Country Share for North America Region (%)
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Hydrogen Market Segmental Analysis
The Global Hydrogen Market is segmented by Sector, Application, and Region. Based on Sector, the market is segmented into Generation Type (Gray Hydrogen, Blue Hydrogen, Green Hydrogen), Storage (Physical, Material-based), and Transportation (Long Distance, Short Distance). Based on Application, the market is segmented into Energy [Power Generation, Combined Heat & power (CHP)], Mobility, and Chemical & Refinery (Petroleum Refinery, Ammonia Production, Methanol Production). By Region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Hydrogen Market Analysis by Sector
Based on sector, the Hydrogen market is categorized into generation type, storage, transportation. The generation type segment is projected to lead the market over the forecast period owing to different production techniques. Generation type comprises different techniques for hydrogen production like electrolysis, (SMR) steam methane reforming, and gasification. This enables flexibility in fulfilling the growing demands of the market and responding to improvements in technologies. Moreover, the rising demand for hydrogen produced by electrolysis method is also propelling the segment growth.
On the other hand, the storage segment is expected to grow at a considerable pace in the coming years owing to the challenges with density of hydrogen. Hydrogen holds low energy density that demands advanced solutions for storage. This will make it practical to be used for multiple applications. Effective techniques of storage are vital to address these challenges. This is driving the growth of the storage segment as compared to the transportation segment.
Hydrogen Market Analysis by Application
Based on application, the Hydrogen market is categorized as energy, mobility, and chemical & refinery. The energy segment holds the majority share of the market and will lead over the forecast period owing to its vital role in several application areas. Hydrogen has been recognized for its optimal potential in areas like power generation, energy storage, transportation, industrial, and others. Moreover, hydrogen helps in diversification of energy sources and minimizes dependency on fossil fuels, which improves security and aids energy strategies nation-wise. This is notably impacting the growth of the energy segment in the hydrogen market.
However, the mobility segment is projected to grow at a considerable share due to numerous compelling reasons like quick refueling, long drive range, and heavy-duty applications among others. Hydrogen FCVs offer comparatively longer driving range than battery EVs, making them suitable for long distance applications like passenger cars, buses, and trucks. Moreover, the FCVs can be refueled in a few minutes, impacting in increased demand. These factors will help the segment grow significantly in the coming years.
Global Hydrogen Market Size By Sector
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Hydrogen Market Regional Insights
Geographically, the hydrogen market is gaining momentum in North America due to several factors like growing investments and funding, supportive government policies, and industrial demand. The region is witnessing notable investments from private and public sectors. Moreover, key countries in the region like Canada, the United States have introduced incentives and policies that encourage the development of hydrogen. This comprises R&D, regulatory frameworks, and subsidies for hydrogen infrastructure and production. Also, the market in North America is impacted by several operating players namely, Linde Plc, Bloom Energy, Plug Power Inc., Cummins, FuelCell Energy, and more.
Asia-Pacific is projected to be the fastest-growing region for the hydrogen market due to growing industrial developments and increasing economic demand. Asia Pacific is home to most of the largest industrial economies of the world which hold majority demand for hydrogen. Industries like petrochemicals, steel production, and electronics are the leading hydrogen users, impacting heavy investments in hydrogen infrastructure and technologies. Regional growth is also supported by strategic initiatives and government policies.
Global Hydrogen Market Size By Region
- Largest
- Fastest
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Hydrogen Market Dynamics
Hydrogen Market Drivers
Transformation of the Transport Sector
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The growing demand for cleaner transport solutions is impressively driving the adoption of hydrogen in (FCVs) Fuel Cell Vehicles like trains, trucks, and buses. Moreover, quick refueling time of hydrogen for long distance ranges make it a highly practical alternative for traveling long distances and heavy-duty applications.
Renewable Energy Integration is Aiding Market Growth
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Hydrogen also capably serves as the best storage solution for additional renewable energy. This helps a proper balance of demand and supply. This is mainly essential for integrating alternating sources, such as solar power and wind in the energy grid. Moreover, the increasing use of hydrogen in industries is also propelling the market growth.
Hydrogen Market Restraints
High Production Costs of Hydrogen
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The production of hydrogen, mainly through low-carbon methods, such as electrolysis, is still the most expensive technique in comparison with the conventional techniques, such as SMR (Steam Methane Reforming). For hydrogen to be competitive in the coming years, it is important to lower these costs.
Challenges of Infrastructure and Safety Concerns
-
Development of hydrogen infrastructure for production, distribution, and storage is a complicated and expensive process. Hydrogen needs special storage pipelines and storage tanks, which could be a major obstacle for broader applications. Also, with respect to safety, hydrogen is highly inflammable in air, which could increase safety issues.
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Hydrogen Market Competitive Landscape
Hydrogen market providers need to focus on maximizing their business scope by reaching into new markets and developing Hydrogens for different industrial and personal uses. Raising new capital to fund their R&D and business expansion efforts will be essential for new hydrogen companies going forward. The development of custom robots for specific applications across different industry verticals will also help companies expand their sales potential in the future.
Hydrogen Market Top Player’s Company Profiles
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Chevron Corporation (US)
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Saudi Arabian Oil Co., (Saudi Arabia)
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Uniper SE (Germany)
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Worthington Industries (US)
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INOX India Limited (India)
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Cryolor (France)
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Pragma Industries (France)
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BNH Gas Tanks (India)
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Hexagon Purus (Norway)
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NPROXX (Netherlands)
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Oxygen Service Company, Inc. (OSC) (US)
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BayoTech (US)
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Luxfer Gas Cylinders (UK)
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Chart Industries (US)
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Quantum Fuel Systems LLC (US)
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AMS Composite Cylinders (UK)
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Weldship Corporation (US)
Hydrogen Market Recent Developments
-
In May 2024, Reliance Industries Limited declared an agreement for technology licensing. This offers Reliance Industries with Nel's alkaline electrolysers’ élite license in the nation. Moreover, it enables the company to produce the Norwegian business’s alkaline electrolysers for confined reasons on the global scale.
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In January 2024, Linde, a chemical company of Germany, declared that it commenced its supply of clean hydrogen and captured CO2 to the chemical and specialty material firm, Celanese. Celanese will use captured CO2 and produce clean hydrogen with other CO2 sources like feedstocks to generate methanol with low-carbon intensity.
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In June 2024, Ballard Power Systems and Vertiv entered a partnership with emphasis on backup power applications for critical infrastructures and data centers, scalable from 200 kilowatts to numerous megawatts.
Hydrogen Key Market Trends
- Growth of Hydrogen Hubs: These are clusters of hydrogen production, consumption, and storage facilities. Hydrogen hubs can significantly decrease hydrogen costs by producing efficiency and cost benefits and enhance logistics. Most hydrogen hubs are already under planning across the globe and the future will bring more such projects online in 2025.
Hydrogen Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing market demand and infrastructure developments are driving the Hydrogen market growth. However, transport and storage issues and intensifying market competition could hinder market growth. North America is expected to lead the market impacted by development of the transportation sector, growing investment and funding, and growing innovations and technological advancements. Moreover, the growing industrial applications and development of hydrogen infrastructure are creating opportunities for the market's growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 225.15 Billion |
| Market size value in 2031 | USD 442.63 Billion |
| Growth Rate | 7.8% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered | ’s Company Profiles
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Hydrogen Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Hydrogen Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Hydrogen Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Hydrogen Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Hydrogen Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Hydrogen Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Hydrogen Market Report Snapshots
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